Real Estate Update

According to AL.com, investors paid $1.7 million for the former Pelican Place condominium site at 1050 West Beach Boulevard in Gulf Shores, according to court records. The 1.1 acres is across the street from the Gulf of Mexico and has deeded beach access, according to Stephen Harrison of the Harrison Team with Re/Max of Gulf Shores, who represented the buyers. Kris Powell of Century 21 Meyer Real Estate worked for the seller. There are also two new subdivisions to watch for in Gulf Shores: the five-lot Sandpiper Cottages at 1476 Sandpiper Lane along Little Lagoon, which has been approved by the Gulf Shores Planning Commission, and North Lagoon Estates on 5.65 acres, which is to feature 15 single-family homes in the 17000 block of Highway 180 West. In Foley, Exit Stage Left Performing & Fine Arts has leased 2,500 ft2 of space at 15333 Highway 59, according to Sharon Wright and Chris Harle of White-Spunner, who represented the landlord.
In Theodore, local investors paid $1.3 million for 40 acres on McDonald Road less than 2 mi. from the 2.5-million-ft2 Walmart Distribution Center, according to Mamun Siddiq of Re/Max Partners, who represented the buyer and Pete J.A. Riehm of CRE Mobile, who represented the sellers. In Mobile, a local investor paid $1 million for the 6,200-ft2 former Big City Toys building at 4504 Old Shell Road, according to Harle of White-Spunner, who represented the buyer. Trey Langus of Transworld Brokers worked for the seller. Also in Mobile, The E.J. Saad Law Firm has leased 2,076 ft2 of office space at 524 Boulevard Park West, according to Jill Meeks of Stirling Properties, who handled the transaction. Downtown, AAA USA, an aerospace company, has leased 7,066 ft2 of office space in the RSA Battle House Tower at 11 North Water Street, according to Meeks of Stirling, who represented the tenant.